Latest news with #RichardCarter
Yahoo
3 hours ago
- Business
- Yahoo
UK unemployment rises to a four-year high as firms cut back on hires
The unemployment rate in the UK rose to 4.6% in the period from February to April 2025, the Office for National Statistics (ONS) said on Tuesday. That represents a 0.1 percentage point increase compared to the previous period, and it marks the highest rate seen since summer 2021. The number of staff on payroll, meanwhile, fell by 109,000 month-on-month in May, the largest drop seen since May 2020. Annual pay growth excluding bonuses eased to 5.2% in the period from February to April, the slowest pace seen in seven months. The number of available jobs fell by 63,000 to 736,000 between March and May, the 35th consecutive quarterly decline. The data suggests the UK's labour market is cooling as firms are hesitant to hire, a trend attributed to rising employer costs. In April of this year, businesses saw their payroll taxes (National Insurance) rise to 15% on salaries above £5,000, instead of 13.8% on salaries above £9,100. The government also increased the minimum wage and the living wage, the latter received by workers over 21, in April. Related UK economy sees unexpected growth spurt in February before tariff woes BoE chief says collaboration is key to solving economic imbalances 'Indeed, with increased national insurance contributions on businesses now bedded in, the employment picture is deteriorating as companies look to scale back hiring, and in some cases cut their UK workforce significantly,' said Richard Carter, head of fixed interest research at Quilter Cheviot. "This is all underpinning what is a difficult task for the Bank of England,' he added. 'With wage growth slowing but inflation rising, it will not want to pull the trigger on rate cuts too soon and put extra sails into the inflation charge. This perhaps explains Andrew Bailey's recent tone that rate cuts will be slow and cautious, as despite what is an obviously slowing economy, many risks remain present in the world.' UK inflation for April was reported at 3.5%, although the ONS later pointed to a data error, noting that the figure should have been 3.4% The Bank of England will meet next week for their monetary policy meeting. 'There's no doubt that US trade policies have contributed to business uncertainty and there will be companies who have put off investment whilst they figure out exactly what new trade deals might mean for them,' added Danni Hewson, AJ Bell head of financial analysis. She added: 'Whilst the smart money is still on no cut at the Bank of England's meeting next week, the softening in the labour market and cooling wage increases have added to expectations that the MPC will deliver another cut later in the summer.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Euronews
4 hours ago
- Business
- Euronews
UK unemployment rises to a four-year high as firms cut back on hires
The unemployment rate in the UK rose to 4.6% in the period from February to April 2025, the Office for National Statistics (ONS) said on Tuesday. That represents a 0.1 percentage point increase compared to the previous period, and it marks the highest rate seen since summer 2021. The number of staff on payroll, meanwhile, fell by 109,000 month-on-month in May, the largest drop seen since May 2020. Annual pay growth excluding bonuses eased to 5.2% in the period from February to April, the slowest pace seen in seven months. The number of available jobs fell by 63,000 to 736,000 between March and May, the 35th consecutive quarterly decline. The data suggests the UK's labour market is cooling as firms are hesitant to hire, a trend attributed to rising employer costs. In April of this year, businesses saw their payroll taxes (National Insurance) rise to 15% on salaries above £5,000, instead of 13.8% on salaries above £9,100. The government also increased the minimum wage and the living wage, the latter received by workers over 21, in April. 'Indeed, with increased national insurance contributions on businesses now bedded in, the employment picture is deteriorating as companies look to scale back hiring, and in some cases cut their UK workforce significantly,' said Richard Carter, head of fixed interest research at Quilter Cheviot. "This is all underpinning what is a difficult task for the Bank of England,' he added. 'With wage growth slowing but inflation rising, it will not want to pull the trigger on rate cuts too soon and put extra sails into the inflation charge. This perhaps explains Andrew Bailey's recent tone that rate cuts will be slow and cautious, as despite what is an obviously slowing economy, many risks remain present in the world.' UK inflation for April was reported at 3.5%, although the ONS later pointed to a data error, noting that the figure should have been 3.4% The Bank of England will meet next week for their monetary policy meeting. 'There's no doubt that US trade policies have contributed to business uncertainty and there will be companies who have put off investment whilst they figure out exactly what new trade deals might mean for them,' added Danni Hewson, AJ Bell head of financial analysis. She added: 'Whilst the smart money is still on no cut at the Bank of England's meeting next week, the softening in the labour market and cooling wage increases have added to expectations that the MPC will deliver another cut later in the summer.' Asian shares were marginally higher on Tuesday as investors kept an eye on US-China trade talks that might help stave off a recession. Tokyo's Nikkei 225 gained 0.9% to 38,445.68, while the Kospi in South Korea jumped 0.3% to 2,865.12. Hong Kong's Hang Seng edged 0.3% higher, to 24,261.26 and the Shanghai Composite index was up 0.1% at 3,403.52. In Taiwan, the Taiex surged 2.1% to 22.253,46. Australia's S&P/ASX 200 advanced just less than 0.9% to 8.588,10. On Monday, the S&P 500 edged up just 0.1% and at 6,005.88 is within 2.3% of its record set in February. The Dow Jones Industrial Average slipped by 1 point, which is well below 0.1%, to 42,761.76. The Nasdaq composite added 0.3% to 19,591.24. A second day of talks between the US and China was planned after the two global powers met in London for negotiations. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since US President Donald Trump escalated his trade war have been paused to allow trade in everything from tiny tech gadgets to enormous machinery. Hopes that President Donald Trump will lower his tariffs after reaching trade deals with countries around the world have helped the S&P 500 win back gains after it dropped roughly 20% from its record two months ago. The index is back above where it was when Trump shocked financial markets in April with his wide-ranging tariff announcement on so-called 'Liberation Day'. Some of the market's biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.1% after saying it agreed to buy Alphawave Semi in a deal valued at $2.4bn (€2.1bn). IonQ, meanwhile, rose 2.7% after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08bn (€947.1mn). On the losing side of Wall Street was Warner Bros. Discovery, which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products. Tesla recovered some of its sharp, recent drop. The electric vehicle company tumbled last week as Elon Musk's relationship with Trump broke apart, and it rose 4.6% on Monday after flipping between gains and losses earlier in the day. The frayed relationship could end up damaging Musk's other companies that get contracts from the US government, such as SpaceX. Rocket Lab, a space company that could pick up business at SpaceX's expense, rose 2.5%. In the bond market, the yield on the 10-year Treasury eased to 4.48% from 4.51% late Friday. It fell after a survey by the Federal Reserve Bank of New York found that consumers' expectations for coming inflation eased slightly in May. Economists expect a report due on Wednesday to show that inflation across the country accelerated last month to 2.5% from 2.3%. The Federal Reserve has been keeping its main interest rate steady as it waits to assess the inflationary effects of Trump's tariffs. A persistent increase in inflation expectations among US households could drive behaviour that creates a vicious cycle that only worsens inflation. In other dealings early on Tuesday, US benchmark crude oil picked up 31 cents to $65.45 per barrel. Brent crude, the international standard, also gained 31 cents, to $67.35. The dollar rose to 144.93 Japanese yen from 144.61 yen. The euro slipped to $1.1399 from $1.1421.
North Wales Live
16-05-2025
- Business
- North Wales Live
One 'golden rule' helps you avoid hidden extra costs when on holiday
A card payment expert is warning holidaymakers to be aware of simple yet costly mistakes they can make when using plastic to pay abroad. CEO of Lopay, Richard Carter, urged holidaymakers to plan ahead to avoid extra and often hidden charges that can be imposed on foreign transactions. With a typical debit card charging £11.88 when shoppers withdraw £250 in cash abroad, and some credit cards charging £14.95, it doesn't take long to rack up hefty fees when paying for things. Purchases can be costly too. For a £50 spend, a typical debit card can charge £1.38 and a credit card can charge £1.50. Richard has highlighted five ways Brits can avoid being hit by additional fees when paying their restaurant bills or making purchases when overseas. He says the best and simplest way to keep the costs down is to always pay in the local currency. Always pay for things in the local currency - never convert to GBP Whether using your credit or debit card, overseas customers are always asked whether they would like the transaction to be charged in local currency, or to be calculated in Pounds Sterling. This will usually be an option on the card reader or at an ATM. Richard says it is essential to always choose the local currency to avoid extra fees and save money. This is true whether you're shopping online or using a debit or credit card. When you pay in the local currency you avoid being hit by the vendor or cash machine's mark-up fee for converting the money. These additional charges are often around 3% but can be into the double digits. Richard says: 'This is the one rule I tell my family, friends or anyone who asks - don't throw your money away just for the convenience of seeing the transaction appear in pounds and pence. 'Use a currency converter app on your phone if you're unsure about how much the price will translate to in your more familiar currency. 'One thing that certainly won't look familiar is the charge on your bank or credit card statement, once you've swallowed that hidden fee - and of course they all add up.' Get a fee-free debit or credit card Alongside bringing some local currency with you, you're best off finding a fee-free debit or credit card, that doesn't charge to spend or withdraw cash. Starling and Monzo banks both offer cards that carry no abroad charges. Household banks like Halifax, Lloyds and Barclays will charge you for using your card overseas. Use a credit over a debit card Using a credit card abroad gives you protection under legislation from the Consumer Credit Act, known as Section 75. This hugely increases your chances of a refund, if the worst happens. If goods are faulty, not delivered or a supplier goes bust, you will have the security of getting your money back. Section 75 doesn't only apply to purchases made in the UK, but transactions made abroad too. Section 75 does not apply to debit cards at home or abroad. Avoid withdrawing cash from ATMs abroad It's becoming more common for the actual cash machine to charge you when abroad. There's no way around this, but don't assume all ATMs charge the same, so do your research and choose accordingly. Most debit and credit cards do also come with a cash withdrawal fee, which kicks in every time you use your card abroad. This fee includes the currency conversion charge imposed by card firms like Mastercard, Visa or Amex and the administration fee imposed by the banks. The average foreign transaction fee faced by debit card holders is 2.75 per cent [4], while credit card holders can typically expect a charge of 2.95 per cent. Brits with an HSBC debit card can expect to face a two per cent fee for withdrawals with a minimum charge of £1.75 and maximum charge of £5 for each transaction. They will also face a 2.75 per cent currency conversion fee on top. Someone with HSBC's Rewards Credit Card Mastercard will face a 2.99 per cent transaction fee every time they use their card abroad. No option available bar using an ATM? If needs must, and you have to withdraw cash - always complete the transaction 'without conversion,' if prompted by the selecting 'with conversion' or accepting the rate proposed by the terminal, the ATM provider can apply their own exchange rate, which is not the standard bank rate, and will make a profit on your transaction. You should always choose to be charged in the local currency of the country you're in and not in your own currency. Cash is (sometimes) King Many of us don't bother bringing foreign currency with us on holiday, relying on credit or debit cards, or withdrawing cash via an ATM - which can be costly, as outlined previously. Arranging currency via your local bank is actually one of the most expensive places to change money - so avoid it at all costs. You should also steer clear of using a Money Exchange desk at the airport, the exchange rates at Bureaux de Change in airports is generally very poor. You're best off going to a travel money bureaux at supermarkets and retailers like Sainsburys, Tescos or Asda because they often offer the most competitive exchange rates.
Wales Online
16-05-2025
- Business
- Wales Online
One 'golden rule' helps you avoid hidden extra costs when on holiday
One 'golden rule' helps you avoid hidden extra costs when on holiday A finance expert has explained the simple mistakes holidaymakers make that mean you get a huge bill when you get home Woman on the beach making contactless credit card payment A card payment expert is warning holidaymakers to be aware of simple yet costly mistakes they can make when using plastic to pay abroad. CEO of Lopay, Richard Carter, urged holidaymakers to plan ahead to avoid extra and often hidden charges that can be imposed on foreign transactions. With a typical debit card charging £11.88 when shoppers withdraw £250 in cash abroad, and some credit cards charging £14.95, it doesn't take long to rack up hefty fees when paying for things. Purchases can be costly too. For a £50 spend, a typical debit card can charge £1.38 and a credit card can charge £1.50. Richard has highlighted five ways Brits can avoid being hit by additional fees when paying their restaurant bills or making purchases when overseas. He says the best and simplest way to keep the costs down is to always pay in the local currency. Always pay for things in the local currency - never convert to GBP Whether using your credit or debit card, overseas customers are always asked whether they would like the transaction to be charged in local currency, or to be calculated in Pounds Sterling. This will usually be an option on the card reader or at an ATM. Article continues below Richard says it is essential to always choose the local currency to avoid extra fees and save money. This is true whether you're shopping online or using a debit or credit card. When you pay in the local currency you avoid being hit by the vendor or cash machine's mark-up fee for converting the money. These additional charges are often around 3% but can be into the double digits. Richard says: 'This is the one rule I tell my family, friends or anyone who asks - don't throw your money away just for the convenience of seeing the transaction appear in pounds and pence. 'Use a currency converter app on your phone if you're unsure about how much the price will translate to in your more familiar currency. 'One thing that certainly won't look familiar is the charge on your bank or credit card statement, once you've swallowed that hidden fee - and of course they all add up.' Get a fee-free debit or credit card Alongside bringing some local currency with you, you're best off finding a fee-free debit or credit card, that doesn't charge to spend or withdraw cash. Starling and Monzo banks both offer cards that carry no abroad charges. Household banks like Halifax, Lloyds and Barclays will charge you for using your card overseas. Use a credit over a debit card Using a credit card abroad gives you protection under legislation from the Consumer Credit Act, known as Section 75. This hugely increases your chances of a refund, if the worst happens. If goods are faulty, not delivered or a supplier goes bust, you will have the security of getting your money back. Section 75 doesn't only apply to purchases made in the UK, but transactions made abroad too. Section 75 does not apply to debit cards at home or abroad. Avoid withdrawing cash from ATMs abroad It's becoming more common for the actual cash machine to charge you when abroad. There's no way around this, but don't assume all ATMs charge the same, so do your research and choose accordingly. Most debit and credit cards do also come with a cash withdrawal fee, which kicks in every time you use your card abroad. This fee includes the currency conversion charge imposed by card firms like Mastercard, Visa or Amex and the administration fee imposed by the banks. The average foreign transaction fee faced by debit card holders is 2.75 per cent [4], while credit card holders can typically expect a charge of 2.95 per cent. Brits with an HSBC debit card can expect to face a two per cent fee for withdrawals with a minimum charge of £1.75 and maximum charge of £5 for each transaction. They will also face a 2.75 per cent currency conversion fee on top. Someone with HSBC's Rewards Credit Card Mastercard will face a 2.99 per cent transaction fee every time they use their card abroad. No option available bar using an ATM? If needs must, and you have to withdraw cash - always complete the transaction 'without conversion,' if prompted by the selecting 'with conversion' or accepting the rate proposed by the terminal, the ATM provider can apply their own exchange rate, which is not the standard bank rate, and will make a profit on your transaction. You should always choose to be charged in the local currency of the country you're in and not in your own currency. Cash is (sometimes) King Many of us don't bother bringing foreign currency with us on holiday, relying on credit or debit cards, or withdrawing cash via an ATM - which can be costly, as outlined previously. Arranging currency via your local bank is actually one of the most expensive places to change money - so avoid it at all costs. You should also steer clear of using a Money Exchange desk at the airport, the exchange rates at Bureaux de Change in airports is generally very poor. You're best off going to a travel money bureaux at supermarkets and retailers like Sainsburys, Tescos or Asda because they often offer the most competitive exchange rates. Article continues below Shop around for the best rates Checking on currency converter sites like Money Supermarket, will give you the latest and best currency rates available. Your money can then be delivered to you or picked up before your trip.
Scotsman
22-04-2025
- Business
- Scotsman
Kids money: why I always talk to my children about cash
Watch more of our videos on and on Freeview 262 or Freely 565 Visit Shots! now From pocket money to phone bills, the fintech entrepreneur shares how he's raising financially savvy kids 💸 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Fintech entrepreneur Richard Carter says parents must speak openly to kids about finances He teaches daughters Charlie (12) and Sophie (10) about saving, spending, and how money really works Richard ensures his kids understand the difference between debit, credit, and the illusion of 'tap-to-pay' spending From chores to supermarket trips, he believes kids should see money in action to build financial common sense With rising bills, he says children must be part of conversations about household costs and responsibilities One of the UK's top fintech entrepreneurs is urging parents to talk openly about money with their children. Richard Carter, founder of Lopay — the UK's highest-rated, lowest-cost payment app, launched in 2022 — says regular conversations about finances are vital for raising financially savvy kids. Advertisement Hide Ad Advertisement Hide Ad Carter, who lives in Fulham, London, with his wife and two daughters, Charlie (12) and Sophie (10), believes that teaching children about key topics like inflation, the cost of living, saving, and spending helps prepare them for financial independence later in life. Drawing on his experience both as a parent and as a business leader, Richard has shared his top tips for helping children build strong money habits from an early age. L-R - Charlie, Rich, Sophie (Photo: Richard Carter) | Richard Carter Get talking Richard understands that many Brits consider money talk to be a bit taboo, but he firmly believes it's crucial to have open conversations with children so they learn the true value of money. As a father of two, he's more than happy to hand out pocket money in exchange for completed chores around the house. Advertisement Hide Ad Advertisement Hide Ad He says it's a great way to show his daughters that hard work leads to reward — a principle that's just as important in business as it is at home. Richard says: 'We are all far too awkward around money, incredibly it's still considered bad manners to talk about it too much. This has to change. Your children need to understand about money and not shy away from the subject. 'Whether we like it or not, money makes the world go round, and the sooner kids are included in conversations about it, are aware what things cost, how some things are affordable whilst others aren't, and how they can build up their savings, the better.' Advertisement Hide Ad Advertisement Hide Ad Make it age appropriate Richard acknowledges that some money conversations become easier as children get older. As a parent to a pre-teen and a teenager, he knows that certain topics may be more appropriate to discuss with his eldest daughter for now. But above all, he believes money should never be a mystery. Children should grow up with a clear understanding of finances — not left in the dark. After all, he says, family finances should involve the whole family, with everyone aware of the household's financial situation. Richard said: 'There's no reason why you shouldn't start kids young, establishing simple concepts about money which you can build on as they mature. Advertisement Hide Ad Advertisement Hide Ad 'Keeping your language simple, and introducing them to key words like savings, deposit, credit and debit will help them to become financially literate from young. 'Research from Cambridge University has suggested children develop beliefs and attitudes about money from the age of seven, so don't be scared of starting them too early.' Explain where money comes from Working in fintech, Richard is more aware than most of the illusion that money is endless — especially when it's all accessed through a tap of a card. In a world of contactless payments and buy-now-pay-later offers, it can seem like people are spending freely without consequence. He worries this can give children the false impression that money is limitless. Advertisement Hide Ad Advertisement Hide Ad That's why, from early on, Richard made it a priority to help his daughters understand how money really works. They know that when their dad uses a contactless card, it's drawing funds from his bank or credit account — not magic money. He's also taught them the crucial difference between a debit card, which uses your own money, and a credit card, which borrows money you'll eventually have to pay back. Richard said: 'In an increasingly cashless society, kids could be forgiven for thinking that spending money is as simple and easy as the tap it took for you to pay on the card reader at the supermarket, at the shopping centre or in a restaurant. 'Explaining how you work for money and are paid, and how - if appropriate - the beginning of the month might be an easier time to pay for things than at the end, will help kids see there isn't a never-ending pot of money for them to dip into whenever they need.' Advertisement Hide Ad Advertisement Hide Ad Needs vs wants As any parent will tell you, kids can make it seem like the latest must-have item is a life-or-death necessity — but of course, it never is. Richard sees these moments as valuable teaching opportunities. He believes it's essential for children to understand the difference between a need — something essential for life, rarely found on a shop shelf — and a want, which is simply a nice extra. He's taken the time to explain this distinction to his daughters, helping them become more financially aware and teaching them that not all purchases hold the same value. 'An area you could cover when they are young could be explaining to them about needs vs wants' suggests Richard. Advertisement Hide Ad Advertisement Hide Ad 'This will hopefully help them rein in impulsive 'wants' that, however deeply they desire them, are not 'needs'. And, there should be no immediate passport to get them.' Involve them Before launching Lopay, Richard recognised a gap in the market, but he also wanted to ensure that his two children felt involved in financial matters. He believes it's an important part of parenthood to include children in purchases, even something as simple as going on the weekly shopping trip. While the way families handle transactions may differ, Richard made sure his daughters understood the value of money, helping them develop strong financial sense from an early age. Advertisement Hide Ad Advertisement Hide Ad Richard said: 'Whether it's in the supermarket or choosing what car to buy, making your children aware of what is and is not good value will help them to build a strong foundation in financial common sense.' Build on their understanding of the cost of living - talk bills and costs Richard strongly believes that financial decisions shouldn't be kept behind closed doors as children grow up. He points out that many parents cover their children's mobile phone bills — so if that bill suddenly jumps, it's important to sit down together and talk about why. Is your child unintentionally taking advantage of a privilege? If so, it's a valuable opportunity for a family discussion about responsibility and consequences. Children need to learn that money doesn't grow on trees — everything comes at a cost. Advertisement Hide Ad Advertisement Hide Ad While some families can absorb an unexpected bill, others might face real financial strain. And with the cost of living continuing to rise, Richard says it's more important than ever to involve kids in honest conversations about money. He makes a conscious effort to keep his daughters in the loop, helping them understand the reasoning behind the financial choices made at home. He says: 'As your child grows up, so should their understanding of the financial choices you are making along the way. 'Sharing details of running costs of heating, what their mobile phone bill is monthly, will help to ground them and appreciate the efforts that go into making their everyday lives run smoothly,' explains Richard. Advertisement Hide Ad Advertisement Hide Ad Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
